Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Consumer
OSE Immunotherapeutics (OSE) has announced that it has received grant innovation funding of €200,000 from the French government and Region Pays de la Loire. While the national backing and funding (especially in a tough macroeconomic environment) are positive developments, we view RNA therapeutics as an additional and complementary technology, albeit early-stage preclinical, to expand OSE’s R&D engine platform. The RNA field has garnered significant attention and commercial success with the mass distribution during the COVID-19 pandemic and serve as a new opportunity for OSE.
Written by
OSE Immunotherapeutics |
Grant to weave RNA into R&D platform |
Operational update |
Pharma and biotech |
3 August 2023 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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OSE Immunotherapeutics (OSE) has announced that it has received grant innovation funding of €200,000 from the French government and Region Pays de la Loire. While the national backing and funding (especially in a tough macroeconomic environment) are positive developments, we view RNA therapeutics as an additional and complementary technology, albeit early-stage preclinical, to expand OSE’s R&D engine platform. The RNA field has garnered significant attention and commercial success with the mass distribution during the COVID-19 pandemic and serve as a new opportunity for OSE.
Year |
Revenue (€m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
26.3 |
(17.2) |
(0.95) |
0.0 |
N/A |
N/A |
12/22 |
18.3 |
(18.0) |
(0.97) |
0.0 |
N/A |
N/A |
12/23e |
15.0 |
(17.8) |
(0.96) |
0.0 |
N/A |
N/A |
12/24e |
15.0 |
(21.9) |
(1.18) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
OSE specialises in the development of novel immunotherapies, with multiple candidates spanning various stages of its clinical pipeline. The company is also focused on establishing its R&D engine platform, which aims to utilise modern approaches in antibody engineering, data science and artificial intelligence, to advance its preclinical pipeline. OSE has announced that it has received a €200,000 grant as part of the France 2030 investment plan, under the objective of producing new biomedicines against cancers and chronic diseases. Management has stated that the funding will be used to support new research into RNA therapeutics and RNA delivery methods that have recently been patented by OSE.
RNA technologies show promise for disease pathways and targets previously considered ‘undruggable’. Unlike conventional medicines that target disease-associated proteins, RNA-based approaches (such as RNA interference, RNAi) prevent the production of these proteins altogether by targeting the expression of the underlying genes that make them. Such treatments have been clinically validated, with the FDA having approved five RNAi therapies to date. Further, with a projected market value of $12bn by 2028 (according to EvaluatePharma), this could be a sizeable opportunity for the company to explore, in our view. However, we note that this will form preclinical work, and such early-stage programmes come with the regular drug development sensitivities.
In addition to expanding the scope of its preclinical portfolio, OSE also recently announced that patient enrolment is complete for the FIRsT study, which is sponsored and conducted by the University Hospital of Nantes. This is a Phase I/II trial investigating monoclonal antibody asset FR-104 as a maintenance therapy in kidney transplant patients. Management plans to report safety and tolerability outcomes at one year post treatment, as well as the potential efficacy of FR-104 in acute rejection prophylaxis and renal function; these readouts may represent a significant catalyst. We note that OSE is further advancing this programme by preparing for a larger Phase II trial in partnership with Veloxis Pharmaceuticals.
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Research: TMT
Tinexta’s revenue and adjusted EBITDA year-on-year growth slowed a little in Q223 after a strong start to the year, but there was improving momentum in revenue and profitability from the two divisions that are forecast to generate the fastest growth in FY23. Of most significance was the acceleration by the Cyber Security (CS) division, which appears to have turned a corner since the start of the year following relatively disappointing growth post the acquisitions. The low net debt position leaves the company well placed to take advantage of M&A opportunities. The shares remain at a significant discount to our unchanged DCF-based valuation of €30.4 per share.